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2/23/22
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Rhino Investments Group acquired Arden Square, a 100.2k sf neighborhood retail center anchored by BevMo!, Jo-Ann and OfficeMax in Sacramento. The property was sold by Raith Capital Partners.
Constructed in 1961, Arden Square was renovated in 1996. It is situated on 7.42 acres at 3102-3198 Arden Way.
Anchor tenants, BevMo!, Jo-Ann and Office Max, have called the center home for an average of 20 years. The nearly 90%-leased retail property is complemented by Kaiser Permanente, GameStop, Sacramento Credit Union, Jackson Hewitt Tax Services, Great Clips and Eco-Friendly Nail Salon. Constructed in 1961, the center was renovated in 1996.
Sacramento is California’s fastest-growing big city, and the retail market has benefited from this growth. The retail center enjoys a prominent position at the intersection of Arden Way and Morse Ave within the seasoned Arden-Watt submarket. Additionally, the center serves a dense trade area that includes 140,000 residents within a three-mile radius.
Eric Kathrein, Tim Kuruzar and Warren McClean with JLL Retail Capital Markets represented thre seller in the transaction. The price was not disclosed.
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